News

CFPB, DOJ Announce Joint Action Against Hudson City Savings Bank in Redlining Settlement

Today, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint action against Hudson City Savings Bank for illegal redlining. The complaint alleges that the Bank “structured its mortgage business to provide unequal access to credit products in majority-Black-and-Hispanic neighborhoods in New York, New Jersey, Connecticut, and Pennsylvania.” This settlement, [...]

September 24th, 2015|
Read More

2014 HMDA Data Now Available

On September 22, 2015, the Federal Financial Institutions Examination Council (FFIEC) announced the availability of 2014 mortgage lending data submitted in compliance with the Home Mortgage Disclosure Act (HMDA). These data are relied upon by regulators, examiners, academics, industry leaders, and members of the general public to analyze the performance of mortgage lenders with regard to [...]

September 24th, 2015|
Read More

Regulatory Framework Issued for Virtual Currency

The US Conference of State Bank Supervisors (CSBS), an organization comprised of representatives from state-level banking regulatory bodies, has released the final version of its model regulatory framework for digital currencies. The group recommended that companies involved with third-party exchange or transmission of digital currencies, as well as “services that facilitate the third-party exchange, storage [...]

September 18th, 2015|
Read More

Return of Redlining and Steering Cases

The American Banker reported on September 4 that Justice Department and HUD officials signaled again that more redlining and steering cases are under investigation. "Based on what is on my docket right now, stayed tuned," said Steven Rosenbaum, chief of housing and civil enforcement at DOJ's civil rights division, during a HUD-sponsored Fair Housing conference. [...]

September 4th, 2015|
Read More

Analyzing Underwriting Fair Lending Risk: Dynamic Modeling of Underwriting as a Two Phase Process

In this contribution to ADI Adviser, ADI Senior Economist Paul J. Strasberg discusses the need for a dynamic analysis plan in modeling underwriting processes. Paul demonstrates how the dynamic approach is "better aligned with the process used by lenders, results in lower and well-identified high risk cases, and should be well received by regulatory authorities." In addition, [...]

September 1st, 2015|
Read More

Study Finds African-American Mortgage Borrowers More Likely to Receive Higher Price Than Their NPB Counterparts

In a study conducted by the Florida Atlantic University's College of Business, African-American mortgage borrowers were more likely to receive higher interest rates than their white, non-Hispanic counterparts. The study, based on data available from the U.S. Survey of Consumer Finances, controlled for various factors available in the data, such as income, education level and shopping [...]

September 1st, 2015|
Read More

Down Payment Misperceptions May Be Limiting Fair Lending and CRA

According to a recent survey conducted by Wells Fargo, a majority of African Americans and Hispanics believe that a 20 percent down payment is required to purchase a new home (source: Boston.com, 8/3/15): Consumers also overestimated the amount of money needed for down payment funds to qualify for a home loan, with 36 percent believing [...]

August 5th, 2015|
Read More

Bank Compliance Officers Draw on Outside Expertise

This week, the American Bankers Association released results of its bi-annual survey of Compliance Officers.  Key results show Compliance Officers managing external resources in critical areas, while banks are taking cautious approach to adding compliance risks. Nearly half of banks have outsourced at least one compliance obligation; of these, 76.9 percent outsourced the compliance audit [...]

July 27th, 2015|
Read More

IMF Warns Against Lack of Transparency and Beneficial Ownership

The International Monetary Fund (IMF) recently published a report focused on anti-money laundering efforts, as part of its Financial Sector Assessment Program for the United States. Per the program, the IMF conducts a regulatory review every five years across many U.S. financial sectors.  In this most recent report, the IMF concluded that the U.S., despite [...]

July 20th, 2015|
Read More

Q2 Results for Top Lenders Signal Strong Mortgage Market

Second quarter 2015 financial results for Wells Fargo and JPMorgan Chase signal a strong rebound in the mortgage market from 2014. This growth was attributed to healthy demand in the home purchase market, based on improving economic conditions, affordable home prices, and continued low interest rates (MarketWatch.com, 7/14/2015): “It was a strong quarter” for the purchase market, [...]

July 16th, 2015|
Read More


ADI Consulting
4707 Federal Court
Annandale, Virginia 22003

P: 703-836-1517
E: info@adiconsulting.com

Knowledge Center

HMDA Huddle 10 – Q&As for Tackling the Intricacies of HMDA

Posted: April 1, 2024

Welcome to the second quarter of your 2024 LAR season. With the 2023 submissions complete, HMDA data management demands continue, with quarterly filings that require as much care as the final product. Every quarter, new questions arise, and ADI can help answer some of the questions you may encounter in your preparations. In this issue, […]

HMDA Huddle 9 – Q&As for Tackling the Intricacies of HMDA

Posted: January 5, 2024

Happy New Year, HMDA Huddlers! It’s time to review the past year’s LAR and ensure that you’re ready to submit the cleanest data possible by March 1, 2024. ADI is here to answer some of the tricky questions you may encounter in your preparations. In this issue, we answer questions about information gathering to avoid […]

CRA Map

Redlining Enforcement Ramp Up: Prepare Now

Posted: October 27, 2023

The U.S. Department of Justice (DOJ) announced recently that through its “Combatting Redlining Initiative,” it has secured more than $107 million in relief for communities nationwide experiencing lending discrimination. Attorney General Merrick Garland declared, “This work is just the beginning – the Justice Department currently has over two dozen active investigations into redlining, spanning neighborhoods […]

News

Patriot Bank Agrees to $1.9M Settlement for Redlining

Posted: January 19, 2024

Patriot Bank, based in Millington, Tennessee, has agreed to enter into a consent order with the U.S. Department of Justice (DOJ) to resolve the federal government’s allegations that the bank avoided providing mortgages to people living in, or seeking to live in, majority Black and Hispanic neighborhoods.  Patriot, a community bank with eight branches, serves […]

CFPB Fines Bank of America $12 Million for HMDA Violations

Posted: November 29, 2023

The Consumer Financial Protection Bureau (CFPB) on Tuesday announced it is ordering Bank of America to pay $12 million in fines for violating federal laws related to mortgage disclosure. In a consent order, the CFPB said that Bank of America routinely submitted inaccurate information about mortgage applicants to the federal government over the past four years.  According […]

CRA Map

Regulators Issue Final Rule to Modernize the CRA

Posted: October 25, 2023

On October 24th, the Office of the Comptroller of Currency, Federal Reserve Board, and the Federal Deposit Insurance Corporation issued a final rule to strengthen and modernize the Community Reinvestment Act (CRA). This revision to the CRA regulation, the first comprehensive update since 1995, was issued with the following stated goals:  Encourage banks to expand […]

Copyright 2015- ADI Compliance Consulting, Inc. | All Rights Reserved
Toggle Sliding Bar Area

Discover ADI Services

Subscribe to ADI Updates


Explore ADI Insights

News
Knowledge Center
Case Studies

Explore by Topic


Fair Lending
CRA
HMDA
BSA/AML

Recent Posts

Download Brochure

Discover ADI Services

Request for Proposal

Subscribe to ADI Updates


Explore ADI Insights

News
Knowledge Center
Case Studies

Explore by Topic


Fair Lending
BSA/AML
HMDA
CRA

Recent Posts